Finding Your Fit, Finding Your Lancaster Home Loan
Houses aren't one size fits all. Neither are home loans in Lancaster. Securing the correct fit for your needs may require some comparison shopping! That’s where Mr. Cooper can help. Our mission is to transform the homeownership journey into an enjoyable one, starting with the loan process. We encourage you to continue reading for basic information about finding a home loan, but also contact a Mr. Cooper mortgage expert with questions about your situation.
Check your credit before you start applying for loans and work to get it in tip-top shape. A not-so-great credit score may mean you are presented with a higher interest rate on your loan. On the other hand, a strong credit score can help you advocate for your best rate with a lender. Your credit history, financial situation, and the timeline you'd like to make your move can all be a factor in the loan type that aligns with your goals. So, what options are out there for you?
What Types of Loans Are There in Lancaster, PA?
Lancaster home buyers have more than one type of home loan to choose from. There are: conventional loans, FHA streamline loans, FHA loans, high balance conforming loans, VA loans, and VA Interest Rate Reduction Loans (VA IRRRL). A conventional loans might be a good choice for you if your income and employment history are stable, your credit is healthy, and you're going to make a down payment of at least 3% depending on your situation.
FHA and VA loans are both classified as government loans. Credit and salary/wage requirements are often different than conventional loans. Also, veterans, surviving spouses and active-duty service members may be eligible to apply for VA new home loans. Which home loan is right for you? A professional Mr. Cooper loan officer can help you understand your options and next steps, depending on your position in the process.
Get a Preapproval Letter Before You Shop in Lancaster, PA
Secure a Verified Approval Letter from the lender before you start shopping for homes in Lancaster to show that you're serious about buying a home. A Verified Approval Letter is evidence that the lender has reviewed your finances and has given you an estimate of how much you can buy. It can also speed up to sellers you can afford the home they’re selling. Give us a call now to talk about all things loan-related! We'll walk through everything from your potential loan options, credit score, and your Verified Approval letter. Now is a great time for buying a home in Lancaster. What are you waiting for? See how we can help you navigate your next home-buying experience!
- This is not a commitment to lend. All loans are subject to credit and property approval. This offer is nontransferable and may not be combined with any other mortgage offer. Advertised offer is subject to change. If a personal code is present on the advertised offer, you must provide such code to claim the offer. We may gather information about you including, but not limited to, credit bureau information, information for verification of income, information for appraisal and verification of property being used for collateral. We also verify your identity. Income, assets, and debt must meet eligibility requirements as established by Government and/or Lender guidelines.